Introduced
by
To authorize a personal income tax credit of up to $500,000 for certain investments by a taxpayer in companies that have less than 100 employees and are engaged in one of the many types of businesses eligible for various government “economic development” subsidies and tax breaks under the “<a href="http://www.michiganvotes.org/2005-HB-5047">21st Century Jobs Fund</a>” and related programs. An aggregate total of $10 million of such tax breaks could be granted by the Department of Treasury each year.
Referred to the Committee on Tax Policy
Referred to the Committee on New Economy and Quality of Life
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises various details, but does not change its substance. This version was subsequently superseded by another substitute with more changes.
The substitute failed by voice vote
Substitute offered
by
To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote
Amendment offered
by
To apply to private firms who benefit from the tax breaks the bill would create restrictions on past criminal behavior by the company or its owners and managers similar to those proposed by House Bill 4553 and passed by the House after a $9 million subsidy was offered to an a convicted embezzler under the state MEGA subsidy/tax break program. Specifically, a company would have to affirm that in the past five years it or its key personnel had not been held liable in a criminal or civil proceeding for embezzlement, theft, forgery, bribery, etc.
The amendment failed by voice vote
Passed in the House 99 to 8 (details)
Referred to the Committee on Economic Development and Regulatory Reform
Reported without amendment
With the recommendation that the bill pass.
Substitute offered
To replace the previous version of the bill with one that adds restrictions that make the tax break slightly less generous.
The substitute passed by voice vote
Passed in the Senate 34 to 0 (details)
To authorize a personal income tax credit of up to $150,000 for certain investments by a taxpayer in companies that have less than 100 employees and are engaged in one of the many types of businesses eligible for various government “economic development” subsidies and tax breaks under the “<a href="http://www.michiganvotes.org/2005-HB-5047">21st Century Jobs Fund</a>” and related programs. An aggregate total of $9 million of such tax breaks could be granted by the Department of Treasury each year.
Passed in the House 85 to 14 (details)
To concur with the Senate-passed version of the bill, which narrowed the duration and generosity of the proposed tax breaks.
